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There will be salary hikes this year

By:  Tupaki Desk   |   14 April 2021 6:26 AM GMT
There will be salary hikes this year
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Here's some good news for salaried class in the private sector. With the economy picking up post the lifting of lockdown restrictions, more and more companies are thinking of giving a salary hike to their employees this year. This is definitely a good news for all those who did not get a pay hike last year due to lockdown.

According to a report titled 'Hiring, Attrition, Competition Trends 2021-22' released by Genius Consultants, 59 per cent of the companies are thinking of giving increments and incentives to their employees this year. The increments could range between 5 and 10 per cent. Apart from this, some 20 per cent of the companies are thinking of giving less than 5 per cent hike for this year. But, the remaining 21 per cent of the companies may not give a salary hike this year.

However, there may not be much recruitment in the coming year or two. Only 4 per cent of the companies are planning to recruit new employees. An estimated 41 per cent companies are thinking of taking back the employees they sacked during the lockdown period. Overall, despite there being not much of a recruitment this year, there could be something to cheer for the existing employees.